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ManpowerGroup revenue increases 5.7% in constant currency in the second quarter, citing demand for higher margin businesses

July 19, 2022

ManpowerGroup Inc. (NYSE:MAN) revenue increased 5.7% in constant currency, with growth driven by its US operations.

President and CEO Jonas Prizing said the second quarter results reflect the company’s disciplined execution of initiatives and continued demand for its higher-margin business.

“As we enter the third quarter, labor markets remain very strong and demand for talent is strong,” Pricing said. “We continue to monitor sectors in Europe where the current supply chain disruptions are impacting our business, particularly in the automotive industry. At the same time, we also believe that the persistent level of talent shortage represents a significant opportunity for our business. »

Exchange rates impacted revenue in the second quarter. On a reported basis, revenue fell 3.8%.

(in millions of dollars) Q2 2022 Q2 2021 % change % constant currency
Service revenue $5,074.1 $5,277.1 -3.8% 5.7%
Gross profit $921.2 $860.1 7.1% 16.4%
Gross margin 18.2% 16.3%
net profit $122.2 $111.6 9.5% 21.5%

In ManpowerGroup’s Experis recruiting and IT services business, revenue grew 10% organically and at constant currencies. And in its talent solutions business, which includes RPO and MSP, revenue grew 13%. Second-quarter revenue for its Manpower segment grew just 1% on an organic basis at constant currencies.

The company said growth was more modest in its Manpower segment due to supply chain disruptions in some European markets.

Revenue by geographic area

(in millions of dollars) Q2 2022 Q2 2021 % change % constant currency
United States $903.9 $628.8 43.7% 43.7%
Other Americas $358.8 $415.5 -13.6% -9.0%
Total Americas $1,262.7 $1,044.3 20.9% 22.7%
southern Europe
France $1,238.2 $1,346.8 -8.1% 4.1%
Italy $454.3 $469.1 -3.2% 9.7%
Other Southern Europe $508.9 $606.5 -16.1% -7.8%
Total Southern Europe $2,201.4 $2,422.4 -9.1% 2.2%
North Europe $1,027.1 $1,190.5 -13.7% -2.4%
Asia Pacific Middle East $603.7 $619.9 -2.6% 9.7%

Canadian revenues increased 4% in constant currency, while Mexican revenues fell 61%.

In France, the company’s largest market, revenue increased 4% in constant currency. Italy, which is also part of the Southern Europe segment of ManpowerGroup, saw its revenue increase by 10% in constant currency. However, Spanish revenues fell by 20% and Swiss revenues by 10%.

Revenue was down across ManpowerGroup’s Northern Europe segment, with the exception of the Nordics, where revenue increased 10% at constant exchange rates, and Belgium, where turnover increased by 2%. In the other regions of Northern Europe, sales fell 6% in constant currency in the United Kingdom, 8% in Germany and 5% in the Netherlands.

In Asia Pacific, Japanese revenue increased 12% in constant currency, but Australian revenue fell 9%.


For the third quarter, ManpowerGroup expects:

  • Total revenue: down 2% to 6% (up 4% to 8% at constant exchange rates)
  • Americas revenue: up 23% to 27% (up 25% to 29% at constant currency)
  • Southern Europe revenue: down 11% to 15% (down 2% to up 2% at constant exchange rates)
  • Northern Europe revenue: down 9% to 13% (stable at +4% at constant exchange rates)
  • Asia Pacific Middle East: down 3% to 7% (up 6% to 10% at constant exchange rates)

Stock price and market capitalization

ManpowerGroup shares were down 0.25% at $79.35 at 12:47 p.m. EST; they were 7.58% above their 52-week low, according to The company had a market cap of $4.20 billion.